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DAI is now available for trading on CoinJar!

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The People’s Bank of China blacklists local bitcoin OTC merchants.

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According to local news outlet WuBlockchain, the People’s Bank of China (PBoC), the nation’s central bank, is flagging accounts related to large cryptocurrency traders in its latest crackdown. The move is part of a broader crackdown on money laundering in China. China’s central bank had launched its drive to eradicate illegal earnings and partnered with the country’s local banks to share account information and transactional details to prevent the proliferation of unlawful funds, of which cryptocurrencies form a part in China.

Some crypto OTC accounts have reportedly been put on a “blacklist.” 

Facing the consequences are China’s over-the-counter (OTC) crypto dealers and the firms that conduct trades outside of the public market (such as on crypto exchanges) and usually transact with upwards of millions of dollars. Some crypto OTC accounts have reportedly been put on a “blacklist” maintained by the central bank and are forbidden to use bank-issued cards for the next three years or conduct online transactions in the next five years, the report said. These rules apply to all blacklisted accounts and are not limited to cryptocurrency accounts. Reportedly, this has to lead to many crypto OTC dealers shutting down their business in fear of repercussions. 

The PBoC is all set to issue digital yuan. 

The People’s Bank of China is all set to issue a national digital currency to the general public. Dubbed as DCEP (Digital Currency Electronic Payment), would be the first major central bank-digital currency. Several economists and crypto experts have claimed that the Chinese digital yuan could threaten the US Dollar’s global dominance in the future. In an article published on the weekend in China Finance, a magazine run by the PBoC, the central bank said China needs to break the U.S. dollar dominance and internationalize the national currency. 

Source: https://coinnounce.com/the-peoples-bank-of-china-blacklists-local-bitcoin-otc-merchants/

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Holders can earn passive income with Origin’s OUSD

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Origin, a peer-to-peer commerce company, has announced the launch of Origin Dollars, or OUSD. This stablecoin uses its reserve for the decentralised finance (DeFi) space and allows users to profit by holding it

Origin announced earlier today that its stablecoin, Origin Dollars or OUSD, is now live. OUSD is a stablecoin that leverages DeFi, allowing balances to grow without holders staking their coins or having an account with the platform.

Matthew Liu, Origin’s co-founder, stated that at the moment, only a small audience gets and understands DeFi as the barrier to entry is much higher. The goal of Origin and its OUSD stablecoin is to make DeFi easily accessible to more people around the world.

The company announced that OUSD is currently backed 1:1 by the leading three stablecoins: USDT (Tether), USDC (Circle and Coinbase dollar) and DAI (MakerDAO).
To mint OUSD, users can easily deposit any of the three supported stablecoins into the new Origin app, or they can buy the coin from  Uniswap.

Once a user buys OUSD, their investment will produce passive income in their wallet, with no further action required. “OUSD automatically earns competitive yields from DeFi protocols while it’s still sitting in your wallet,” the blog post added.

Origin revealed that OUSD has a novel design that ensures users don’t need to stake or lockup their coins to participate in lucrative DeFi strategies. There is also no need to unstake or unlock when users want to transfer their coins to another wallet, ensuring users don’t spend gas fees and can conveniently switch between earning coins and spending them.

Origin stated that, “Your earnings compound continuously and are reflected in your ever-increasing OUSD balance, while still being available for payments, commerce, and peer-to-peer transactions.”

The passive nature of earning money with OUSD makes it perfect for both sophisticated DeFi experts and novice users. Anyone can earn returns passively, without the stress and complexities associated with yield farming.

According to the blog post, the OUSD stablecoin is a natural extension of Origin’s mission to promote peer-to-peer commerce. Origin believes that the OUSD stablecoin will help boost the decentralised commerce platform as it leverages DeFi and allows sellers and buyers to transact easily.

Source: https://coinjournal.net/news/holders-can-earn-passive-income-with-origins-ousd/

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Bitcoin Cash short-term Price Analysis: 23 September

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Disclaimer: The following article attempts to analyze the emerging pattern in the Bitcoin Cash short-term market and its impact on price. 

The movement of Bitcoin Cash has been heavily influenced by Bitcoin given its strong correlation as a forked asset. The strong correlation between the two has led BCH to follow BTC’s lead while sharing a correlation with the stock market. The chart below highlights the coordinated correlation between the three assets.

Source: CoinMetrics

The correlation between BTC-BCH may have reduced, but not lost strength. It was at 0.81692, whereas the correlation between BTC-S&P remained at 0.21582, but BCH-S&P was showing a higher association with 0.23013. Thus, the movement of BCH was not just independent of Bitcoin and even the stock market.

The recent expiry shrunk BCH’s value from $230 to $214, at press time. As the BCH price tries to make the most of the unstable market, its traders may have a tough time deciding the momentum of the price swing.

Source: BCH/USD on TradingView

The above short-term chart of BCH indicated that the price of the digital asset was close to its immediate support at $213.82. The digital asset broke out of an ascending channel pattern. However, this price hike was followed by a downward sloping price giving rise to a descending channel. The likelihood of BCH price breaking down from this pattern was high.

As the pattern painted a bearish picture, the indicators were not contradicting the present trend in the market. The Bollinger bands are opening to indicate more volatility in the market, while the signal line had taken a position above the candlesticks, suggesting the price trend was currently moving lower. The 50 moving average, however, was also above the candlesticks, noticing downwards pressure in the market. As the indicator point at a potential breakdown, the Relative Strength Index indicating a state of equilibrium for BCH.

Source: BCH/USD on TradingView

As the price tried to reverse the trend, the Visible range marked the point of control for the given period at $214.69. This may act as strong support as this point has seen the highest trading volume. The price may consolidate for a while between $215.13 and $214.32, a range that has witnessed great volume for the digital asset.

Source: https://eng.ambcrypto.com/bitcoin-cash-short-term-price-analysis-23-september

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